I agree with a lot of what has already been said. I got my biochem degree at a university almost [*gasp*] 10 years ago. The competition was very intense in every class. When a professor has a mob of rabid premed students competing for those grades, some degree of scaling has to occur. The hard science departments especially looked down on 'too many' 4.0's in a given class. I've poured blood, sweat, piss, and tears into several classes in which I didn't even break a 3.0.
Now community college. . .It's been a new experience for me. I've danced around a few in the area, collecting a few prereqs, and have seen one common denominator: It all depends on the teacher. I had a stats teacher [with only a masters] who ran me through a meat grinder last summer. The next quarter at the same college I had a teacher who had no business teaching. With all due generosity, the guy was dumb. He couldn't teach his way out of a wet paper bag, and I almost feel stupider having taken his course. I know at least half of the class got 4.0's. I never saw such disparity at the university level. Certainly there is variation in class quality, but CC is nothing short of a crapshoot, IME. As someone already said, the PCAT and GPA are two very different things.
The PCAT is a normalizer, just an indicator of your ability to prepare for and take a standardized test. Stress is a part of pharmacy, and being fast and meticulous under pressure is important. Does it mean much more than that? I really don't think so. No matter how crappy or easy your coursework was, you can *prepare* for the PCAT. The Kaplan Guide, practice tests, etc. are widely available and tell you what you need to know [for the most part]. The last time I took ochem was '94, math in '93 [except that stats class last summer]. So I knew had to review like crazy, and put in a lot of work over the summer which really paid off. I felt like a third grader with a crayon in my left hand writing the essay, but only because I didn't practice much.
I think the PCAT is important, both to demonstrate your general knowledge across many disciplines and your ability to work fast and accurately under pressure. Everyone takes the same thing essentially, so it is a relatively good, albeit crude measuring stick. Remember that it's only one factor, though. My grades and test scores are very good, but I'd kill to have more than the 10 hours of pharmacy experience I've managed to accumulate